DALLAS, Dec. 9 /PRNewswire/ -- Holly Corporation (AMEX: HOC), today reported results for the company's first quarter ended Oct. 31, 1993.
Holly's net income for the first quarter ended Oct. 31, 1993, was $8.3 million, as compared to $2.6 million for the first quarter of the prior year (before a $1 million accounting charge in that quarter for income taxes relating to prior periods). Net income per share for the first quarter of fiscal 1994 was $1.00, compared to $.31 in the prior year's first quarter (before the accounting charge, which amounted to $.12 per share.)
The increase in net income in the current year's first quarter over the prior year's is due primarily to greatly improved refinery margins. While a planned and phased major maintenance turnaround of Navajo Refining Company's New Mexico facilities decreased sales volumes by 8 percent over the prior year's first quarter and by 18 percent over the immediately preceding quarter, profitability nonetheless increased substantially over fiscal 1993's first quarter. The turnaround, which commenced in early September and continued in three phases through the end of November, involved repairs and replacements of equipment on many major units, as well as the shutdown and re-start of all units.
Holly Corporation, through its affiliates, Navajo Refining Company and Montana Refining Company, is engaged in the refining of petroleum products.
HOLLY CORPORATION AND SUBSIDIARIES
Financial Summary
Three Months Ended
Oct. 31, 1993 1992
Total revenues $135,518,000 $151,910,000
Income before cumulative
effect of change in
accounting principle $ 8,273,000 $ 2,556,000
Cumulative effect of change in
accounting for income taxes --- (958,000)
Net income $ 8,273,000 $ 1,598,000
Average number of common
shares outstanding 8,254,000 8,254,000
Income (loss) per common share
Income before cumulative
effect of change in
accounting principle $ 1.00 $ .31
Cumulative effect of
change in accounting
for income taxes --- (.12)
Net income $ 1.00 $ .19
-0- 12/9/93
/CONTACT: Henry A. Teichholz, vice president, treasurer and controller of Holly Corporation, 214-871-3555; or Lee Sneath of Dalton, Sneath & Company, 214-380-0010/
(HOC) CO: Holly Corporation ST: Texas IN: OIL SU: ERN

MP -- NY043 -- 2203 12/09/93 12:16 EST

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